Newspaper article Evening Chronicle (Newcastle, England)

Cheers as Takeover Deal Nears

Newspaper article Evening Chronicle (Newcastle, England)

Cheers as Takeover Deal Nears

Article excerpt

BROWN Ale brewer Scottish & Newcastle has finally appeared to give in to a takeover by Danish and Dutch rivals.

A Carlsberg and Heineken consortium has been battling to take over S&N, Britain's largest brewer, since October.

But yesterday S&N, which also makes Foster's and Kronenbourg, agreed to open talks after an offer of 800p a share was put on the table, valuing the company at pounds 7.8bn.

S&N had previously rebuffed a 780p a share offer and before that a 750p offer with bosses making it clear they would not engage in talks with the consortium for anything less than 800p a share.

Earlier this week John Dunsmore, pictured, chief executive of S&N, said: "We are totally committed to realising full value for our shareholders, however that may manifest itself."

But now the parties have approached the UK Takeover Panel to secure an extension to a "put up or shut up" deadline to January 24.

A spokesman for S&N said: "Scottish & Newcastle and Carlsberg and Heineken confirm that they have entered into discussions in relation to a possible recommended offer for S&N at 800p per share. …

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